Discovery Through the Ages: Deeper Insights Drive Meaningful Financial Planning
When it comes to client discovery in financial planning, one-size-fits-all approaches fall short. Financial planning should reflect each client’s unique identity, aspirations, and personal context. Age is the foundation of discovery, shaping priorities, values, and financial perspectives—but it shouldn’t lead to assumptions. True understanding comes from diving deeper into emotions, personal goals, attitudes, and behavioral patterns alongside financial data.
At the same time, age provides key insights, helping advisors anticipate concerns, motivations, and life transitions. A 20-something just starting out, a 40-year-old raising a family, and a 60-year-old planning their legacy all view money differently. Yet, most financial planning tools and discovery processes treat them the same—focusing on assets and income rather than the emotions, values, and behaviors that truly drive financial decisions.
Behavioral finance research (Kahneman & Tversky, 1979) confirms that financial decision-making is shaped more by psychology, emotions, and cognitive biases than by raw numbers. Understanding these personal factors—not just financial data—is the key to creating plans that actually work.
Advisors should rethink discovery to meet clients where they truly are. How should financial and self-discovery evolve across different life stages so that time and money—the golden couple—work together harmoniously to create more meaningful, personalized financial plans?
🔍 Discovery Through the Ages: How Financial Priorities Evolve Over Time
Your financial journey isn’t static—it changes with every decade.
In your 20s, it's all about building a foundation. By your 30s and 40s, balancing family, career, and investments takes center stage. The 50s bring a “now or never” mindset, while the 60s and beyond focus on legacy and security.
Understanding these shifts helps advisors provide better guidance—and helps you make smarter financial decisions at every stage.
Your 20s: Optimism, Exploration, and "I Have Plenty of Time"
For most people in their 20s, money is tight—but time feels infinite. Young professionals often prioritize freedom, travel, and career exploration over rigid financial planning. Many think, "I’ll start saving later."
Key Behavioral Finance Insight
The Present Bias (Laibson, 1997) explains why we tend to prioritize immediate rewards over long-term benefits. This is why many young adults struggle to save for retirement—the future feels distant, making it harder to take action now.
What Matters at This Stage?
Basic financial literacy (budgeting, credit, and debt management).
Aligning early career decisions with personal values.
Starting small with investing and saving—compounding interest is your best friend.
What Advisors Should Do
Focus on bite-sized, actionable financial habits (e.g., automated savings).
Use gamification and behavioral nudges to make financial planning engaging.
Help them connect their values with financial decisions, like spending on experiences versus saving for freedom later.
Your 30s: The Juggling Act—Family, Career, and Future Thinking
By their 30s, many people are building families, advancing careers, and facing bigger financial decisions—buying a home, saving for kids' education, and growing retirement savings.
Key Behavioral Finance Insight
The Endowment Effect (Thaler, 1980) makes people overvalue what they already have, leading them to resist change—even when a financial adjustment (like refinancing a mortgage or reallocating investments) could benefit them.
What Matters at This Stage?
Balancing spending, saving, and investing for the future.
Family financial planning (life insurance, college savings).
Managing career income growth while avoiding lifestyle creep.
What Advisors Should Do
Guide them through competing financial priorities (home, kids, retirement).
Use visualization tools to help them see future trade-offs.
Make sure they’re protecting their growing wealth (e.g., estate planning, insurance).
Your 40s: Peak Earning Years—But Are You on Track?
The 40s often bring financial stability—but also mounting pressure. People start to ask: "Am I doing enough?" or "Should I have started earlier?" Many question their career choices, financial habits, and long-term goals.
Key Behavioral Finance Insight
The Status Quo Bias (Samuelson & Zeckhauser, 1988) causes people to stick with their current financial situation even when change could improve it. This is why many in their 40s hesitate to reassess their investment strategies, insurance needs, or estate plans.
What Matters at This Stage?
Re-evaluating financial goals with a clearer vision of the future.
Catching up on retirement savings if behind.
Investing in personal and family experiences (travel, lifestyle upgrades).
What Advisors Should Do
Reassess financial goals based on new priorities.
Encourage mid-career investment strategies (e.g., maximizing retirement contributions).
Help clients balance spending on enjoyment vs. financial security.
Your 50s: The "Now or Never" Mindset—Midlife Reflections
In their 50s, people become more aware of time limits—on their career, their ability to enjoy retirement, and even life itself. Some splurge on big purchases (sports cars, luxury travel), while others panic about retirement readiness.
Key Behavioral Finance Insight
The Temporal Discounting Effect (Frederick, Loewenstein, & O'Donoghue, 2002) makes people undervalue long-term benefits in favor of short-term rewards. This is why some in their 50s make impulsive financial decisions, such as buying an expensive second home instead of boosting retirement savings.
What Matters at This Stage?
Legacy planning and wealth transfer strategies.
Ensuring retirement readiness without regrets.
Balancing "living for today" with financial security.
What Advisors Should Do
Help clients prioritize spending vs. security.
Offer estate planning strategies that align with their values.
Encourage holistic retirement planning (not just finances, but lifestyle goals).
Your 60s and Beyond: Legacy, Purpose, and Peace of Mind
At this stage, money is less about growth and more about impact. Many focus on giving, family legacy, and enjoying their retirement years.
Key Behavioral Finance Insight
The Regret Aversion Bias (Zeelenberg, 1999) explains why people in their 60s often stick with past financial decisions, even if new strategies could serve them better.
What Matters at This Stage?
Ensuring wealth transfer aligns with values.
Health care and long-term care planning.
Finding purpose beyond work, or re-defining work.
What Advisors Should Do
Facilitate meaningful legacy conversations.
Help clients maximize charitable giving and impact.
Ensure they have long-term care and end-of-life planning in place.
Why Self-Discovery and Advisor Discovery Matter
At every stage, people make financial choices based on emotions, biases, and personal context—and NOT spreadsheets, projected investment returns, or risk scores.
🔹 For individuals → Self-discovery helps you align financial choices with what truly matters to you.
🔹 For advisors → Better client discovery deepens relationships, builds trust, and ensures advice remains relevant.
Knomee’s platform helps bridge this gap—offering a structured way to uncover personal values, financial motivations, and evolving goals at every stage of life.
The bottom line? Understanding the why behind financial decisions is just as important as understanding the how. It’s a new skill for many advisors. Knomee is here to help.
No matter your age, the right financial insights can help you live with confidence, clarity, and purpose.
Want better discovery for your practice?
Learn how Knomee can help.
